"Maurizio brings the ideal blend of experience and expertise to lead CompuMed's ambitious growth efforts," said CompuMed Chairman Robert Stuckelman. "His appointment follows several key Board additions, as well as efforts to raise the capital necessary to drive significant growth." Mr. Stuckelman added that Mr. Vecchione previously served as a consultant to CompuMed, and helped the Board develop the strategic plan that it is now beginning to execute.
Mr. Vecchione serves as a managing partner of Pacific Palisades, CA-based private equity and venture fund Synthetica Holdings, LLC, and chairman of Synthetica (America) Ltd., a management consultancy retained previously by CompuMed to provide strategic advisory. He joined Synthetica in September 2001.
Mr. Vecchione has been responsible for creating significant shareholder value through public transactions and mergers & acquisitions. He created and has led Synthetica's imaging practice, and served as a consultant to leading life sciences, medical device and clinical research organizations.
From July 2004 to September 2006, Mr. Vecchione served as president and CEO of Trestle Holdings(now a part of Carl Zeiss Microimaging, Inc.), a medical imaging and digital pathology company. During his tenure, he led the re-capitalization and sale of the Company.
From April 2003 to July 2004, he served as CEO of Los Angeles-based Microwave Photonics, Inc., a wireless infrastructure company, and led the spinout of that firm from British Telecommunications. Both Trestle and Microwave Photonics were clients of Synthetica.
From February 1988 to March 2001, he co-founded and held various senior-level positions at medical imaging and rendering company ModaCAD (later renamed Styleclick). He spearheaded the Company's initial public offering in 1996 and was responsible for architecting numerous rounds of financing, including a significant investment by Intel. In 2001, he executed as co-CEO the sale of the Company to USA Networks (now InterActive) for approximately $480 million.
Mr. Vecchione was twice nominated finalist by Ernst & Young as Entrepreneur of the Year. He has received many awards, including the British Telecommunication "innovation" award and the prestigious DemoGod award. He has led the development of significant imaging technologies, and authored multiple issued patents.
Commenting on his appointment, Mr. Vecchione said "CompuMed offers a compelling set of technologies that are poised to enjoy widespread adoption in the marketplace. It's now time to translate that promise into execution. We plan to focus on that fundamental execution in order to grow our revenue and reach profitability as soon as possible. We believe we have the ingredients in place to position CompuMed as the leader in remote analytics and to leverage its bone analysis business to a position of peripheral bone density market leadership. At the same time, our continued presence in ECG services should facilitate expansion opportunities in remote analysis markets, as well as the ability to add services to our bone business."
Jerry McLaughlin, CompuMed's former CEO, resigned as of June 1, 2007. He will remain a consultant to the Company for the balance of the calendar year.
Mr. Stuckelman added, "We take this opportunity to thank Jerry McLaughlin for his service to the Company during the last five years. We wish him the best in his future endeavors."
About CompuMed:
Founded in 1973, CompuMed, Inc. (OTCBB:CMPD - News) is leading the development of advanced imaging and medical informatics solutions that provide cost effective analysis and monitoring. CompuMed focuses on cardiovascular and musculoskeletal diseases, as well as other diseases associated with aging populations. Its unique expertise in telemonitoring, imaging and analysis facilitates the development of new solutions and services designed to improve healthcare provider workflow and patient care, while reducing costs. CompuMed's core products, the OsteoGram® and CardioGram(TM) systems, are cleared by the FDA and reimbursable by Medicare. The OsteoGram is an accurate and precise technology for osteoporosis testing. The underlying OsteoGram technology has significant cost advantages over other technologies and will be applied to a suite of value-added applications, such as following the progression of arthritic disease and diagnosing vertebral fractures and scoliosis. The CardioGram system is one of the first telecommunication networks designed to remotely interpret electrocardiograms, and is used by private practice, as well as government and corporate healthcare providers nationwide. The CardioGram delivers online electrocardiogram interpretations within two minutes of receipt, and has the additional capability to automatically provide an over-read (i.e., follow-up review) by a cardiologist. CompuMed is headquartered in Los Angeles. Visit CompuMed at www.compumed.net.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning CompuMed's plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not statements of historical fact. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, ability to raise capital, the availability of appropriate acquisition candidates and/or business partnerships, economic conditions, the impact of competition and pricing, capacity and supply constraints or difficulties, government regulation and other risks identified in the Company's filings with the Securities and Exchange Commission. All such forward-looking statements are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
Contact: Tellem Worldwide, Inc. Susan Tellem, 310-479-6111 ext. 16 stellem@tellem.com
Source: CompuMed, Inc.
